Author: Wanjiku Njugunah

• East Africa’s notable company mergers and acquisitions have been recognised at this year’s DealMakers AFRICA Awards
• DealMakers AFRICA tasked advisory firms to nominate and submit notable mergers and acquisitions for two categories, namely East Africa’s deal of the year and East Africa’s private equity deal of the year
• DealMakers AFRICA ultimately picked KCB Group’s acquisition of Trust Merchant Bank (TMB) as the region’s deal of the year
• DealMakers AFRICA named Naivas’ stake exit the region’s Private Equity Deal of the Year

East Africa’s notable company mergers and acquisitions have been recognised at this year’s DealMakers AFRICA Awards gala held in Nairobi, following a two-year break of a physical event due to COVID-19 restrictions.

The awards ceremony, held at Villa Rosa Kempinski, also recognised advisory firms that were involved in the execution of the mergers and acquisitions and general corporate finance. The firms were contracted either as financial advisers, legal advisers …

• E-commerce is supporting women’s entry to and success in the digital economy and helping to compete in sectors like electronics where they are typically underrepresented
• The growth of e-commerce in countries such as Kenya represents an opportunity to close gender gaps by opening more markets to women-owned businesses 
• By bridging the wide gap of access to digital and financial inclusion, more women would be able to list their businesses on e-commerce platforms and allowing them to grow

The ongoing expansion of Kenya’s digital economy has the potential of creating opportunities for countless Kenyan women to make a livelihood, especially in the e-commerce space.

A finding by the International Financial Corporation observed that the growth of e-commerce in countries such as Kenya represents an opportunity to close gender gaps by opening more markets to women-owned businesses.

It further noted that while there is a higher incidence of women entrepreneurs compared to …

• Diamond Trust Bank and Mastercard have announced a strategic agreement that will enable the bank to provide payment cards to tech-enabled companies including fintechs in Kenya
• The Agreement will enable tech-enabled companies to issue their own card propositions through DTB, using Mastercard’s technology
• The agreement is the latest partnership between DTB and Mastercard in East Africa with the bank exclusively issuing Mastercard payment cards in Kenya, Uganda, and Tanzania

Diamond Trust Bank (DTB) and global technology company Mastercard have entered into a new deal to enable the bank to provide payment cards to tech-enabled companies including fintechs in Kenya.

The Agreement will enable tech-enabled companies to issue their own card propositions through DTB, using Mastercard’s technology.

The agreement will enable DTB to process and settle payments in a faster, more convenient, cost-effective and regulated way as it works to increase its footprint in the region. It also improves the reach …

• Quickmart Supermarket has opened a new outlet along the Northern Bypass Road, bringing its number of operating outlets countrywide to 56 amid rapid growth in Kenya’s retail sector
• The desire to cater to the convenience preferences of shoppers within the residential locality influenced the decision by the Kenyan retailer to open a 24-hour store in Thome
• The move is part of an aggressive expansion drive to promote the Quickmart brand as a household name among customers and increase its competitiveness against other retailers such as Naivas and Carrefour

Quickmart Supermarket has opened a new outlet along the Northern Bypass Road, bringing its number of operating outlets countrywide to 56, even as Kenya’s retail industry continues to see significant growth movements by various retailers as they strive for market supremacy.

The desire to cater to the convenience preferences of shoppers within the residential locality influenced the decision by the Kenyan retailer …

• Kenya’s ultra-wealthy performed better than their counterparts elsewhere in the world in 2023 
• The world’s wealthiest saw their fortunes slashed globally by 10% in 2022 owing to challenges including post-pandemic property price falls, soaring energy prices, and surging inflation 
• Africa’s super wealthy saw the lowest losses, recording an overall drop of just 5%

Kenya’s wealthy fared better than the wealthy anywhere else in the world during the economic turmoil of 2022, retreating from international citizenships and foreign property in favour of Kenya and Africa as safe havens.

This is according to the 2023 attitudes survey issued with Knight Frank’s annual Wealth Report. As per the survey, the world’s Ultra-High Net Worth Individuals (UHNWIs) saw their fortunes slashed globally by 10% in 2022 on a cocktail of post-pandemic property price falls, soaring energy prices, falling stock markets, and surging inflation and interest rates.

The super-wealthy in Europe were by far the …

• KCB says it will open twelve 12 new branches in Kenya and Tanzania, to bring its total number of branches to more than 500
• KCB Group Managing Director Paul Russo told Business Daily that the increase in its branches would assist them to reach more customers
• The new branches are expected to complement KCB Group’s regional footprint with an asset base of KSh 1.5 Trillion (US$12.6 billion)

Regional lender Kenya Commercial Bank (KCB) says it will open twelve 12 new branches in Kenya and Tanzania, to bring its total number of branches to more than 500.

KCB Group Managing Director Paul Russo told Business Daily that the increase in its branches would assist them to reach more customers.

Russo said they had already received approvals to open 6 of the twelve branches. The 6 are located in Kenya.

KCB’s plan of opening new branches is part of the Group’s strategic …

• Kenya will receive an additional US$126 million from the U.S. Agency for International Development (USAID) to address the ongoing drought
• USAID said it was providing the funding to address the hunger crisis that has left more than four million people in the grips of a dire hunger crisis
• The announcement comes following a visit to the country by First Lady Jill Biden where she met with drought-affected communities and heard first-hand about the devastating impacts

Kenya will receive an additional US$126 million from the U.S. Agency for International Development (USAID) to address the ongoing drought.

On Tuesday, February 28, 2023, USAID said it was providing the funding to address the hunger crisis that has left more than four million people in the grips of a dire hunger crisis.

According to USAID, the number is expected to rise to over five million by June 2023.

The announcement comes following a visit …

• The Mobile Economy Sub-Saharan Africa 2022 report by GMSA has revealed that 214 mobile operators in 81 markets globally had launched commercial 5G services in September 2022
• 5G now accounts for nearly half of all mobile connections in South Korea while the network makes up a third of all connections in the US
• The adoption of 5G in Sub-Saharan Africa is, however, not as quick with full commercial 5G services only available in fewer than five countries across the region as of September 2022 

A new report now shows that 214 mobile operators in 81 markets globally had launched commercial 5G services as of September 2022.

According to the Mobile Economy Sub-Saharan Africa 2022 report by GMSA, the popularity of 5G is steadily growing and becoming mainstream in pioneer markets.

The report noted that developed economies such as South Korea have witnessed high usage of the network. In fact, in …

• Hela Kenya has received US$14 million from Norfund to strengthen the development of its manufacturing operations in East Africa
• The proceeds from Norfund’s investment will be utilised to strengthen Hela’s strategic supply chain partnerships in East Africa
• It will also enable Hela to leverage regional sourcing from Kenya and Tanzania to a larger extent, providing significant cost and lead time advantages for manufacturing in the region

Kenyan-based apparel company Hela Apparel Holdings PLC has received US$14 million (KSh 1.7 billion) from Norfund to strengthen the development of its manufacturing operations in East Africa.

Norfund, the Norwegian government’s investment fund, announced on Monday, February 27, 2023, that it had invested the amount in Hela Kenya. The company employs over 4,000 people and is the largest manufacturing facility within the Sri Lankan company Hela Group.

The proceeds from Norfund’s investment will be utilized to strengthen Hela’s strategic supply chain partnerships in East …

• Norfund has partnered with Ethos Mezzanine Partners 3 to invest in Balaji Group, a Kenyan textile manufacturer
• Norfund said it has partnered with Ethos Mezzanine Partners 3, a closed-ended specialist credit fund to invest US$25 million into Balaji, which is one of Sub-Saharan Africa’s leading textile companies
• The two partners said they have executed a USD 25 million mezzanine debt investment in the Balaji Group, with both contributing US$12.5 million each

The government of Norway, through the Norwegian development finance institution Norfund, has signed a new partner to invest in Balaji Group, a Kenyan-based textile manufacturer.

On February 24, 2023, Norfund said it has partnered with Ethos Mezzanine Partners 3, a closed-ended specialist credit fund to invest US$25 million into Balaji, which is one of Sub-Saharan Africa’s leading textile companies.

Job creation in Kenya

The investment is also expected to aid the creation of 6,000 new direct jobs and another …